A forex broker with a trusted platform and decent offers is a company that significantly increases the profitability of your trades. It provides a platform to help you perform technical analysis better, analyze charts better and plan trades better.
Conversely, a fraudulent broker works tirelessly to squeeze as much money out of you as possible. It will tell you everything you want to hear, whether it’s shaking up a strong license or offering incredible leverage, but the real deals will be full of scams and scams.
To differentiate these two types of brokers, you need to dig deeper into the broker’s platform. In today’s MTrading review, we will do just that.
Can MTrading be trusted? – Overview of licenses
The first entry in our honest MTrading review will be the broker’s license. It can show quite accurately whether a broker adheres to high financial standards or is just another company that does whatever it wants.
When we browsed the broker’s website, we found that MTrading is a member of the financial commission. It was registered in Saint Vincent and the Grenadines, while the license was reportedly issued by the country’s Financial Services Authority (SVGFSA).
Now someone with zero experience and knowledge of finance could believe this claim and consider MTrading a legitimate brokerage. However, for us, this actually increases our suspicion of MTrading scams, and here’s why:
Many financial institutions utilise the SVGFSA licence as a front when it comes to their true identity. They are able to allay some doubts and draw in as many new dealers as they can. In reality, these regulating organisations are frequently utilised as safe havens to conceal unlawful operations from stronger governments, as well as revenues, and to treat customers badly in general.
Having said that, we think MTrading is not a reliable broker since a. Its SVGFSA licence is questionable, and b. the premium nature of the licence.
What does the website look like?
Next, let’s dive deeper into the MTrading online platform and consider it in several ways. First, let’s explore the interface. In terms of its design, Mtrading.com doesn’t look too bad: it’s simple enough in most areas to make navigating the site effortless. However, there were some heavy background images that didn’t exactly improve the user experience on MTrading.
Regarding the informational aspect of this site, we found most of the information quite easily, but again the problem was that the same information was not very clear. For example, we wanted to find out the exact details of MTrading’s withdrawal and deposit methods, but we only saw payment methods.
When you register with Mtrading.com, you can get two main live accounts: M. Premium and M. Pro. For M. Premium account you need to deposit at least $100 and then you can get maximum leverage of 1:1000 and pip spreads. For the M. Pro account, the minimum deposit is $500 with the same maximum leverage of 1:1000 and even lower spreads – we will discuss these offers in the next section.
Finally, we moved to the Trading Platforms section, where we found that the entire trading process is facilitated by four iterations of one software:
- MetaTrader 4 (basic version)
- MetaTrader 4 highest edition
- MetaTrader 4 multi-terminal
- MetaTrader 4 web trader
To be fair, the user experience with each of these versions of MT4 will be top-notch, yet it’s worth noting that it’s not exactly about the software, it’s about the broker that offers it. MT4 may be the most popular trading platform in the world, but if the MTrading scam is really real, the platform will not be able to stand in the broker’s way, which means it will be used as a fraud tool.
MTading Promotions – Should You Trust Them?
Last but not least comes the section that usually interests most traders – the terms and conditions. MTrading is primarily a forex trading broker, however it also offers tools from other markets, namely:
The exact terms for these assets seem designed to increase your profitability, but in our opinion, they are there to make you believe that MTrading is looking out for your interests.
If we look at MTrading’s leverage offer, we can easily see what the problem is: the broker is overstepping the mark by offering 1:1000 leverage to both M. Premium and M. Pro customers. On the one hand, leverage of this size really increases your profits. However, on the other hand, it also increases losses by the same amount, which can be even more destructive to your account than taking profit.
When it comes to spreads, MTrading still continues on a suspicious path by either not charging any spreads or going very low with them. If you choose the M. Premium account, spreads start from 1 pip, while the M. Pro account does not charge any spreads. Either way, we are very suspicious as to where the MTrading Forex broker gets its sufficient funds from – it certainly does not come from spreads or other commissions.
The minimum deposit requirement of $100 is quite decent, considering that other brokers start with basically the same amount.
The last part of this section, as well as the entire review, will be deposit and withdrawal platforms. As we mentioned above, MTrading doesn’t really say what the exact payment terms are. All we know about them is that you can use the following platforms:
- Manual operation
- Perfect money
- A prepaid card
- Wireless transmission
Now, even though it would be much nicer if we knew MTrading’s exact withdrawals and restrictions, as well as how long trades last, it still wouldn’t increase your opinion of this broker: we still believe that MTrading is too suspicious to trade with.
Can you trust MTrading?
In this review, we took a closer look at another Forex broker – MTrading. This brokerage was established in 2012, which would lead some people to believe that it is experienced enough to offer a decent trading platform.
Still, as we found out, MTrading has a lot of problems as well as gray areas that undermine its credibility. For example, even if the website looks good for the most part, it fails to provide more detailed information on some important aspects.
When it comes to registration, we found the SVGFSA license to be nothing more than a farce to trick potential new clients.
And finally, we checked the various trading terms and found that they are also very suspicious and not very favorable for those traders who value stability and financial security.
So with that said, we do not consider MTrading to be a trusted trading partner. You should probably find a more honest broker who will not shy away from providing useful information about their platform.